Dogecoin, Shiba Inu, and THORChain Surge: Here’s Why

Key Points:

• Renewed macroeconomic interest in cryptocurrency.

• PayPal enables crypto buying, selling, and transfers for merchant accounts.

• Shiba Inu experiences a significant token burn, boosting its value.

Cryptocurrencies are surging today, driven by favorable economic conditions and specific token-related news. Dogecoin (DOGE) and Shiba Inu (SHIB) saw impressive price increases, with DOGE rising over 8% and SHIB spiking nearly 13% by early afternoon. THORChain (RUNE) also saw a nearly 10% increase.

Why Are These Cryptos Rising?

A combination of macroeconomic factors and crypto-specific developments are driving this rise. Last week, the Federal Reserve cut interest rates by half a point, signaling a "risk-on" sentiment in the market. This move led to a potential weakening of the U.S. dollar, which tends to boost cryptocurrencies, often viewed as alternatives to traditional currencies.

Furthermore, recent stimulus measures announced by China have encouraged optimism, resulting in a broader market rally. Alongside these developments, Bitcoin, the largest cryptocurrency, passed the $65,000 mark for the first time in two months, signaling growing confidence in the crypto market’s recovery.

PayPal Boosts Crypto Adoption

In addition to macroeconomic factors, PayPal made waves by announcing that U.S. merchants can now buy, sell, and transfer cryptocurrency directly from their accounts. This announcement has generated excitement as it potentially expands crypto utility for businesses globally. PayPal already allows its customers to use digital wallets to manage crypto, and this extension to merchant accounts could significantly enhance the platform’s adoption of digital assets.

Shiba Inu’s Burn Rate Increases

On the Shiba Inu front, the token has seen a boost in value due to its increasing burn rate, with millions of tokens being burned in single transactions. With the vast supply of Shiba Inu in circulation, reducing the number of tokens could create a more balanced supply-demand relationship, driving up the price.

THORChain’s Role in the Crypto Space

THORChain (RUNE), which facilitates token exchanges across multiple blockchain networks, is also gaining momentum. The platform’s cross-chain functionality has made it an appealing option for users looking for interoperability between different crypto assets. While THORChain’s technology offers exciting possibilities, like other altcoins, it remains highly volatile and primarily driven by speculation.

Should You Invest in Dogecoin or Shiba Inu?

Though meme tokens like Dogecoin and Shiba Inu are seeing significant movement today, their volatility makes them risky investments. Altcoins tend to rise and fall with Bitcoin’s performance, but their movements can be even more exaggerated. For those seeking more stable investments, it may be wiser to focus on mainstream cryptocurrencies like Bitcoin.